Press Release > Mphasis, WorkFusion partner to transform financial crimes for enterprises

Mphasis, WorkFusion partner to transform financial crimes for enterprises

Dais World | 18/10/2023 12:56 PM

Being a prominent leader in risk and compliance operations, Mphasis will harness the power of WorkFusion's AI solutions to enhance and evolve its services in transforming Financial Crimes operations for its enterprise clients

Mphasis, (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specialising in cloud and cognitive services, today announced its strategic partnership with WorkFusion, a leading provider of digital workforce solutions for banking and financial services; to power conventional teams with AI-driven Digital Workers in operational domains such as customer service, onboarding, account opening, identity verification, anti-money laundering initiatives, and various compliance tasks involving extensive document processing. 

WorkFusion, a 2023 Leader in Everest Group’s PEAK Matrix® for IDP, with its AI Digital Worker is revolutionising compliance operations and solutions in financial services, including Bank Secrecy Act (BSA)/ anti-money laundering (AML)/ and Know Your Customer (KYC), enhancing user experiences and boosting operational efficiency. This collaboration aims to revolutionise the way businesses including Banks and Insurance companies implement compliance operations by enabling the quick deployment of AI Digital Worker that enables human-like process execution.

“We are excited to partner with WorkFusion to unlock the potential of AI-driven solutions for our clients. The platform will enhance our efficiency and enable broader AI-powered solutions as an extension of our joint offerings to cover transaction monitoring alert investigation and fraud alert disposition. Through a long-term engagement, Mphasis and WorkFusion will build synergies to ensure better integration, implementation, solutions development, and product engineering, and deliver top-of-the-line operations solutions, that will set new standards for customer, employee, and analyst cycle times and experiences,” said Nitin Rakesh, Chief Executive Officer, and Managing Director of Mphasis.

“We were looking for a strategic partner that could help us deliver next-level services at scale, expand the reach of our professional services capabilities, and assist us in expanding our footprint in the financial services market,” said Adam Famularo, CEO of WorkFusion. “We found the perfect partner in Mphasis. There are many synergies between our companies, which make this a great alignment. Together, we are a powerful team that will be able to deliver AI to help businesses automate work better and faster.”

The Work.AI platform enables the alliance to design, build, test, and deploy intuitive AI Digital Worker from scratch while supporting cloud, on-premises, and hybrid deployments.  The partnership reflects the long-term commitment of both Mphasis and WorkFusion to deliver sustainable value and drive industry transformation across AI solutions.

About Mphasis

Mphasis’ purpose is to be the “Driver in a Driverless Car” for global enterprises by applying next-generation design, architecture, and engineering services, to deliver scalable and sustainable software and technology solutions. Customer-centricity is foundational to Mphasis, and it is reflected in Mphasis’ Front2Back™ Transformation approach. Front2Back™ uses the exponential power of cloud and cognitive computing to provide a hyper-personalised (C=X2C2TM=1) digital experience to clients and their end customers. Mphasis’ Service Transformation approach helps ‘shrink the core’ through the application of digital technologies across legacy environments within an enterprise, enabling businesses to stay ahead in a changing world. Mphasis’ core reference architectures and tools, speed and innovation with domain expertise and specialisation, combined with an integrated sustainability and purpose-led approach across its operations and solutions are key to building strong relationships with marquee clients. 

About WorkFusion 

WorkFusion, Inc. is the creator of AI Digital Workers purpose-built for banking and financial services organisations. Its Digital Workers are true knowledge workers that effectively augment existing teams in functions like anti-money laundering (AML), sanctions, customer onboarding, Know Your Customer (KYC), and customer service. WorkFusion’s digital workforce solutions built on its Work.AI platform help solve talent shortages, increase workforce capacity, save money, enhance employee and customer satisfaction, and ensure ongoing compliance. 

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